Mares said he plans to move on to the featherweight division to become a three-division champion.

"I accomplished my dreams of winning titles at 118 and 122 pounds," Mares said in a statement to Boxing Scene. "I'm ready to fight as a featherweight and to achieve one of my goals of being a world champion in three different divisions."

Mares was hoping to fight Donaire, but negotiations between their handlers Golden Boy and Top Rank Inc. didn’t go well.

Mares’ manager Frank Espinoza said it's time for his client to move on.

"We did all we could to make the fight against Donaire happen," Espinoza said. "It's time to move forward with Abner's career. He always said he wanted to be a champion in three divisions and we're going to do everything we can to make that a reality. At this point we have to keep Abner's career moving forward and upwards. That's what's important."